FINANCIAL CONDITION OF SOUTHLAND.

North Otago Times, Volume II, Issue 44, 22 December 1864, Page 3

FINANCIAL CONDITION OF SOUTHLAND.

The following report of the select committee on tho financial state of the Province of Southland was read in tho Provincial Council : — "Your committee havo to report that at present the Province is in a prostrate condition, and quite unable to meet its engagements without the assistance of the General Assembly. They have closely examined the public accounts, as published, receiving from the Provincial Treasurer various explanations thereon, and bog to lay the annexed statement before the Council. Tho total debt of the Province on the 2 1st November, amounted to £388,886 2s lid. To finish the railway works and existing road contracts would require a further sum of about £00,000, which would swell the debt of the Province to nearly £450,000 exclusive of our proportion of the iNew Zealand Company's debt, amounting to £18,000. To meet the interest and sinking fund upon loans to the former amount would necessitate provision being made for no less a sum than £36,000 a year. It may here be observed that with regard to the sum set down as requited to complete the railway works, your committee are led to concludo that as the estimate Tjy tho Engineer was made previous to the execution of part of those works — the amount due for which appears among the outstanding accounts — the sum actually requisite may probably be from £5000 to £6000 less than stated. It will thus be apparent that £155,000 or thereby is required by this Province to meet its present engagements and to finish tho railway woiks. The sum of £40,000 is urgently needed to pay off pressing liabilities. Although it will take a considerable time to prepare and to place upon the market even guaranteed debentures, your committee are confident that a temporary advance may be immediately secured in the event of the General Assembly agreeing to guaiantee a loan for this Province to meet this difficulty. Your committee are unanimous in the opinion that Provincial loans must receive the Colonial guarantee bofore they would sell at a fair value ; but are not at one on the question of how much it would be pi udent to ask the General Assembly to guarantee for us, and therefore no suggestion is offered on this point, it being entirely left to the decision of the Council, but would suggest immediate application being made by the Council to the General Assembly, and the appointment of some member of the House, or other individual thoroughly acquainted with the affairs of the Province, to proceed forthwith to Auckland, and personally support the claims of this Province to the consideration of the General Government.— W. H. Caldeb, Chairman."